All Forum Posts by: Cheryl C.

Thanks Monica. Somewhat odd language - "at an artificially high price"? Does not seem well crafted, to say the least.

Thanks Ophelia,

That might be it.

Thanks J. Scott,

I just read the GMAC Affidavit and it refers to "transactions" taking place within 90 days of the date of closing on the short.

I just reviewed the Deed and it has no restrictions in it. I'll take your advice and talk to my title lawyer. Deed to Deed should be the time frame.

Anyway, underwriting is well underway. I'm waiting for the appraisal.

Bought in Virginia (FX CTY) in Feb 2012.

I bought the short and it had a 90 day no-flip deed restriction. It went UC four days after I listed it (about 60 days after I closed on it).My agent tells me we need to write a new contract on the sale dated at 91 days after my close on the purchase, regardless of the fact that the closing on our present contract is beyond the 90 day period. In other words, he claims that I can't even enter into a sales contract until 90 days have passed since the date of my closing on the purchase. Does this sound right?

My purchaser happens to be FHA, but this issue came up well before I listed the property for sale and knew what type of buyer I would have.

What are the "dates" for the 90 days? It seems that the date of two deeds would control. I have a short under contract and my lister says that we need to sign a new contract at 91 days; this, eventhough the closing on our existing contract is more than 90 days out from my acquisition. I've been meaning to ask my title attorney, but maybe I can get an answer here. Thanks all.

I just replaced 9 fogged windows for $1,900. I didn't notice them until after I had closed. I doubt it would have mattered anyway (distress sale at good price). Watch out when having a house powerwashed. One idiot wrecked several expensive windows eventhough I told him to stay away from the windows. He wrecked virtually every screen. He was going to paint and needed to pw the house - ugh! I had a deck guy use too much pressure and chew the heck out of a 3yr NICE/$$$ deck. I also had a pw guy take off the top layer of a concrete walkway, exposing the little pebbles. After all this, I think I've finanlly learned my lesson, my expensive, stupid lesson.

I upped my umbrella from 1mil to 5mil back in the early 90's after reading about a local jury award against a LL for 3.6mil.

A toddler was left in a bathtub while the mother went to the kitchen. A sibling came in and cranked on the hot water. The toddler suffered severe burns. LL held liable because hot water heater was set too high. They did a follow-up on this girl a couple years ago - not a scar on her. Going to 5mil is a small price to pay for peace of mind.

Thanks for the info Michael.

Joel,

You might very well be right - for certain individuals (Steve Jobs, Bill Gates, etc.). I believe that a college degree is now what a HS degree was in the 60's or 70's; at the margin. Two years at Community College and then finishing at a State School is a reasonable way to go. Remember that those "super stars" dropped out of very competitive schools. I'm in no way saying that one needs a four year degree to be financially successful. It's just my opinion that in today's world, college equals high school. The post was about college grads.